Investor B invests in the Fund through Dealer II and acquires units in the Fund in nominee-name on behalf of Investor B. However, an account with a balance or value equal to zero or that is negative will not be a closed account solely by reason of such balance or value.12.41 It is acceptable for a financial institution to record the balance or value within five business days of when it receives instructions from the account holder to close the account. Therefore, a financial institution is not required to report annual allocations of income, gain or loss made by a partnership to a partner in respect of a partnership interest held in a custodial account.

Consideration must be given to any purpose or function for which the entity is licensed or regulated (including those of any predecessor).3.11 There can be circumstances where an entity holds financial assets for a customer where the income attributable to holding the financial assets or providing related financial services belongs to (or is otherwise paid to) a related entity. These requirements result in a financial institution having to:7.3 An account is treated as a U.S. reportable account from the date it is identified as such pursuant to the due diligence procedures. In addition, negotiable debt instruments that are traded on a regulated over-the-counter market and distributed and held through financial institutions are generally considered financial assets, not depository accounts.6.28 A custodial account is an account (other than an insurance contract or an annuity contract) that holds one or more financial assets (see financial assets in 6.29 Cash value insurance contracts and annuity contracts are not considered to be custodial accounts. However, it is required to keep a record of its procedures.12.60 For reporting related to the 2020 and future calendar years, it will still be possible to report an account without a U.S. TIN by entering either 9 "0" or 9 "A" in the U.S. TIN field of the Part XVIII Information Return. An entity resident in Canada is not a NFFE if it is a reporting Canadian financial institution or a non-reporting Canadian financial institution within the meaning of Part XVIII. However, for reporting related to the 2020 and future calendar years, if it is believed or information indicates that the entity account holder is a U.S. person, the financial institution can report the account holder as a specified U.S. person. On December 31, 2015, the balance of the account is US$42,000. In such a case, there is no need to re-document the account holder as long as: An individual holds a preexisting individual account with a balance that was US$35,000 on June 30, 2014. However, financial institutions are not expected to carry out an independent legal analysis of relevant tax laws to confirm the reasonableness of a self-certification.9.15 From July 1, 2014 to June 30, 2017, a financial institution can determine the status of a new account holder using either the self-certification or the documentary evidence procedures. There are a number of potential scenarios depending on the status of the merging fund (the investors of which will create the new accounts in the surviving fund).11.21 When both funds are sponsored Canadian funds with the same Canadian sponsor, no new accounts are created. The balances are as follows:Bank X applies the relevant thresholds and its computer system allows the account balances to be aggregated.The accounts must be reviewed since the aggregated balance exceeds the threshold of US$250,000.

Part XVIII takes this into account by ensuring that an entity will not be considered to be a Canadian financial institution unless it is included in the definition of the term “listed financial institution” in subsection 263(1) of the ITA.3.22 A “specified insurance company” is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a product classified as a cash value insurance contract or an annuity contract.3.23 An insurance company is an entity that is regulated as an insurance business under the laws, regulations, or practices of any jurisdiction in which the entity is doing business.3.24 Insurance companies that provide only general insurance or term life insurance, and reinsurance companies that provide only indemnity reinsurance contracts, are not specified insurance companies.3.25 A specified insurance company can include both an insurance company and its holding company. On the other hand, it is appreciated that such financial institutions may be less equipped to provide reporting to the CRA in view of arrangements made with custodians.5.21 Whether financial institutions take advantage of the relief provided in subsection 265(8) of the ITA and in 5.22 It is understood that institutional account holders often engage the services of an investment manager and custodial institutions independently. Since the last time you logged in our privacy statement has been updated. The new shares in the surviving fund will be new accounts except when both funds are sponsored by the same sponsor.11.20 So that fund mergers are not impeded or held up by the requirement to perform due diligence on a series of new accounts, special rules apply to the documentation of new accounts on a merger of investment entities. The absence of a U.S. TIN will not result in the IRS concluding that there is significant non-compliance on the part of the financial institution.

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